Is Worst for $BTC Over?
Bitcoin dipped below $57,000 on July 4th but rebounded to $58,158 by the end of the day, easing concerns about selling pressure from Germany and Mt. Gox. Despite recent declines, Bitcoin shows resilience and aims to recover above $60,000.
Market Reactions:Bitcoin fell to $56,750 by Thursday morning but recovered by 5% in the afternoon, trading at $58,158.80, reflecting a 3.30% loss over the past 24 hours. Market liquidations totaled $100 million, lower than last week’s $600 million.
Germany and Mt. Gox:
Fears of ongoing sell pressure are seen as exaggerated. Germany transferred $900 million worth of Bitcoin on Monday and an additional $362 million on Tuesday, leaving about $1.6 billion remaining. Experts believe the worst of Germany’s selling is over.
Future Outlook:
Germany's transfers indicate a possible intention to liquidate, but it's not confirmed if assets have been sold. FTX's bankruptcy estate is set to distribute about $16 billion to crypto investors by September or October, expected to boost the market.
